US Market 27 Jun 2020

On the weekly chart, the US market closed lower with a -roc inside day except for Nasdaq broke lhf but unable to sustain, reversed and closed lower with a -roc.

Two more trading days and the month of Jun will be closed.  At this juncture, on the monthly chart, Dow, S&P and Russell rallied, pull back and closed with a small -roc.  Overall it looks weak and may pull back further in the short term.

Dollar Index closed lower.

BDI continues to go higher and Harpex rebounded to close higher.

Wed, 01 Jul various countries will be reporting Manufacturing PMI.  

Thu, 02 Jul, US FOMC Meeting Minutes, US NFP and US Unemployment Rate.

Instruments that show buying interest (3) from Dealer/Intermediary (sell-side participants)

UT 

• Dow
• S&P (1)
• Russell

Neutral 

• None

DT 

• None

Instruments that show selling interest at extreme (2) by Dealer/Intermediary (sell-side participants)
UT 

• None

Neutral 

• None

DT 

• None

Note

(1) COT Index >= 90, Buying interest at extreme
(2) COT Index <= 10, Selling interest at extreme
(3) COT Index >= 70, rising COT Index, monitor for trend reversal

Down Trend and Up Trend is based on 50 Simple Moving Average

Dow

Daily UT, Weekly DT
Potential resistance around 25,326, 25,784, 26,245, 26,627, 26,976, 27,350, 28,195

Potential support around 24,837, 24,170, 23,567, 23,435, 23,175, 22,776

S&P
Daily UT, Weekly UT

Potential resistance around 3,022, 3,072, 3,155, 3,219, 3,303, 3,391, 3,454

Potential support around 2,983, 2,940, 2,874, 2,854, 2,825, 2,814,  2,786

Nasdaq
Daily UT, Weekly UT

Potential resistance around 9,873, 10,206, 10,595, 11,318

Potential support around 9,723, 9,243, 8,781, 8,428, 8,196, 8,002, 7,859, 7,706

Russell
Daily UT, Weekly DT
Potential resistance around 1,388, 1,420, 1,451, 1,508, 1,519, 1,543, 1,585, 1,609

Potential support around 1,341, 1,296, 1,287, 1,259, 1,240, 1,213, 1,185, 1,164

Key event to watch out  (SG Time, GMT+8)

29 Jun, Mon

• 2000 German Harmonized Index of Consumer Prices (YoY)
• 2200 US Pending Home Sales (MoM) (May)

30 Jun, Tue

• 0900 China Manufacturing PMI (Jun)
• 1400 UK GDP (QoQ) (Q1)
• 1700 Europe CPI (YoY) (Jun)
• 2030 Canada GDP (MoM) (Apr)
• 2200 US CB Consumer Confidence (Jun)
• 2200 US Treasury Sec Mnuchin speech
• 2200 US Fed's Chair Powell testifies

01 Jul, Wed

• 0750 Japan Tankan Large Manufacturers Index (Q2)
• 0750 Japan Tankan Large Non-Manufacturers Index (Q2)
• 0945 China Caixin Manufacturing PMI (Jun)
• 1555 German Manufacturing PMI (Jun)
• 1555 German Unemployment Change (Jun)
• 1630 UK Manufacturing PMI (Jun)
• 2015 US ADP Nonfarm Employment Change (Jun)
• 2200 US ISM Manufacturing PMI (Jun)
• 2230 US Crude Oil Inventories 

02 Jul, Thu

• 0200 US FOMC Meeting Minutes 
• 0930 Australia Trade Balance
• 1700 Europe Unemployment Rate
• 2030 US Initial Jobless Claims
• 2030 US Nonfarm Payrolls (Jun)
• 2030 US Unemployment Rate (Jun)
• 2030 US Trade Balance

03 Jul, Fri

• 0930 Australia Retail Sales (MoM) (May)
• 1630 UK Composite PMI (Jun)
• 1630 UK Services PMI (Jun)